Forgiving Debt–Good Deeds are Taxable

Forgiving Debt–Good Deeds are Taxable
Our government taxes gifts, at least any over a certain amount (currently $13,000). Exceptions exist, of course, like between spouses, but the general rule is if you gift, you pay. In a new twist I ran into today, Section 2511(a) includes ‘forgiving debt’ as an indirect gift. This makes sense—it’s essentially the same as giving ...

Are We All Tax Hypocrites?

Are We All Tax Hypocrites?
When I sat down this week to start planning next year’s budget (to see if I can lock myself into new 2 year phone contract), I realized I’ll likely be worse off January 1st than I am today. Yes, health insurance costs will go up as always, political pandering aside, but, for once, that won’t ...

Thought on Charitable Contributions

Thought on Charitable Contributions
It’s that end of the year time where everyone is trying to get a bigger piece of your pocketbook. For those of you who want to give that money to a charitable organization, here are just a few quick tax tips. I’ve seen a little bit of confusion about them over the last couple of ...